Angelika Mae C.

Manabat

BSBA-MM2A

Finals Progress Report in Retail Management

1. What are the relative advantages of each location?

Location plays a significant role in a business organization. Hence, it is considered

as the three most valuable things in retailing. The success that every retailer’s hoping
for will be achieved at the store location. Good location selection gives advantages and
benefits not just for the potential customers and workers but also from the retailer itself.
The need for sustainability of competitive or relative advantage has great certainty if you
have the best location. Primarily, a relative advantage is what makes the store standout
among its competitors.

The types of locations are as follows: First, Freestanding Sites an individual store
that can stand alone. A store that has its own space for its own store only. It doesn’t
need to be connected to other retailer stores just to exist. Second, the Central business
district is an ideal area for shopping as it was located in Cities or Towns. It has the
process of gentrification; where the area has the vibe of the cities due to the reason that
it was located in an economic zone or concentration of businesses. The gentrification
means a character of a poor urban area before became improved because of the
wealthy people moving and investing there. Lastly, Shopping centers. A way better,
immediate and convenient place to go for day-to-day needs of consumers. Each
location has their own strength and advantages to establish its image in the market.
These advantages are their edges for progress and diversity.

The retailers are always looking for a location that can attract a lot of customers, so
the store must be located in a high traffic area. For some reasons, others might think
that high traffic is a disadvantage but for business it’s not. Locating the store in a high
traffic area has the possibility of being visible or noticeable by the people yet not too
much congestion that will cause irritation and impatience to the people. Being
convenient or easy to access is another relative advantage of each location wherein
customers can go there easily for personal purposes and needs. Attractive area that is a
nice place to go is what the other customers are looking for. It’s like a total package if
you have the best and accessible location and at the same attractive and pleasant.
Amenities and utilities surrounding the locations also gives attention to the customers.
Such as the appropriate signage, pedestrians, parking areas, transportation hub and
traffic lights that provide good services with these simple functional things to customers,
in exchange for choosing the nice store location compared to others. Of course, it is
always better to give them what they need and what makes them satisfied so that they
would always choose you over the others. Low occupancy costs is also a great deal in
choosing the ideal location for the retailers. Though, there are some locations that have
high occupancy costs and have intense competition with those civilized societies where
you can fully establish and adopt for more opportunity growth that must grab
immediately unless you want a practical or cheaper price, but be aware of the pros and
cons. At the end of the day it’s part of good decision making. To conclude, the best
choice of location follows success, as it becomes your asset, strength and advantage to
make a difference among other businesses stores.

2. What factors do retailers consider when deciding on a particular site?

It is always important to consider some factors before truly deciding on what a

particular site to have for a retailing store. It only shows being proactive so that
everything will fall into a good place as you start building a business. Investing your
money in such a beautiful and nicest site will be one of your advantages in this kind of
industry but make sure that you have evaluated it first.

In evaluating and selecting a specific site, retailers should consider the

characteristics of the site. Which includes the traffic flow and accessibility, restrictions,
location characteristics and costs. Traffic flow and accessibility has something to do with
a road or street congestion, traffic and ease of vehicular access that is able to
determine if the customers can go there easily. Make sure that there are desired
vehicles for those people who commute.The traffic flow in a site truly affects the store
sales, as the customers experience the traffic along the area seems to stop over to
spend their time due to traffic. Restrictions that then need to comply in cooperation to
rules and regulations of the place. The characteristics of location and it’s cost must be
planned and decided properly which are about the parking spaces, visibility of the store
and adjacent retailers that might cause heavy traffic. Costs or expenses for rental fee,
leases, promotions and taxes.The next thing to consider is the characteristics of the
trading area; a trade area is a geographical area that transacts commercial enterprise
businesses that brings about the majority of the customers. Accessibility in each site is
a must followed by considering the competition which is not a big deal or new to
experience. We can never go out of competition because it can happen anytime
especially in business. In such a way the retailers must know how to handle and deal
with competition. Last factor to examine is the estimated potential sales that can be
generated. Ensuring the future sales is necessary, this can be done with the attributes
of a site. It can make progress if your site is feasible and visible to have accurate sales.
It needs to apply a certain model and analysis to study just like the studying
demographics and target market within the area to help out predict or estimate the
sales. However, prediction is not what always happens therefore applying and
considering all of the factors in selecting a site is a great help to make things alright.

3. What are the human resources management programs for building a

committed workforce?

Providing and satisfying the employees with your given programs makes them
competent and committed to their work. As long as they are happy for good treatment of
the management will definitely cause them to improve and love their work. Their
exceptional skills will reflect the company’s success.

The human resources management that was responsible for hiring eligible
employees has a program for building a committed workforce. Developing Talent
wherein the HR department must evaluate and assess the employees thoroughly.
Select and recruit a good attitude, sociable, consistent and flexible employee that can
multitask aside from it’s given expertise and specialization. The first program for building
a committed workforce is training. Enhancing the skills of your desired employees is an
investment that is worth spending for its needs and allowances because in return you
will have the good leaders and competent employees that would raise the status of the
company. Keeping and appreciating their work is what makes them choose to stay.
Educating them about the set of values, traditions and customs of the firm will serve as
guidelines for their attitude and behavior. Good character can improve based on what
they see in the organization. The next program is motivating the talents by giving
rewards and incentives. Incentives that consist of commission, bonus, and stock
options. The simple rules and regulations inside the organization that they follow need
to have recognition and special reward. By meeting some customers’ satisfaction and
demand should give bonuses for them to be motivated every time they do their task.
Last program to build a committed workforce is keeping the talents and building
employee commitment. This program was creating relationships with the employees
which requires reducing the status differences, support groups, career development,
promotion, no harmful demands/actions and equal employment opportunities. It is
widely known of the concept wall between the employees and employers but having
commitment and good relationships with the workers does not mean to abuse the
position of each employer. In fact, it’s fine to develop the relationship between the two
parties in order for them to have trust, credibility and transparency when it comes to
work. Reminding them of their limitations is a right thing to do so that everyone knows
what they can only do. Be mindful of what you can do to handle the employees properly
to reduce turnover. Another example for building employee commitment is a team
building which can be done at any time of the month or yearly so that employees can
get to know each other and to have unity inside or outside the work.

Every business organization seeks a committed workforce to bring harmony and

tranquility to the workflow of day-to-day operation. And that will happen if the employees
are happy, appreciated, satisfied, and free from what they need to do. The employee is
one of the assets of the company to keep it lofty compared to other companies. So do
everything to keep the committed workforce of the company because everyone will
benefit when everything is fine.

“A great employee is like a four leaf cover, hard to find and lucky to have.” -
Tammy Cohen